Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-12-20
SHALL WENEG0TIATE2
MR.. ROYALS PROPOSED VISIT TO ENG
LAND ABOUT THE PUBLIC DEBT.
A Majority OF Each Finance Committee
Favor the Plan and so Rsport-A
Minority Say mo"

Minority Say "Ho"
Mr. William L. Royal, counsel for
the foreign bondholders, thinks that II
he could see his clients face to face and
explain the public.debt situation to them
he could secure their approval OF plan
of settlement which plan he declares Is
DO more than a fair equivalent for the
Riddleberger bill. The Senate Finance
Committee and the like committee OF the
House gave him a hearing Saturday, ana
the result was general if not unani-
mons understanding that to enable Mr..
Royal to visit England on the mission
stated there should be truce-the State
not to push executions, &c, under the
"coupon-crusher ,; MIR. RoyalPspeople
not 20 poster the officers of the Common
wealth With any tenders OF coupons
during that time. A subcommittee OF
five was appointed 10 frame proper reso-
lutions, which they did and reported
yesterday morning but one OF the five
(Mr Koiner) opposed the whole thing.
Nevertheless, the two committees
adopted the resolutions fayoring the
truce, Mr.. Koiner and one or two others
voting "No" and Mr.. Elan not voting
at all. II was ordered that Mr.. Koiner
report the resolutions to the Senate and
Mr.. Buford to the House.
REPoRTED TO THE SENATE.
The members of the two committees
filedinto their respective halls about l2:2O
o'clock. In the Senate there was no.
thing doing and the body was only re-
naming in session through anxiety to
hear the report, which it was known
would soon be made. There was feel
| ing of decided interest in the matter.
Presently Chairman Absalom koiner
arose in MS seat and said: "Mr. Presi-
dent, aminstructed by tie Finance Com
mittee 10 submit the following majority
report. Another one will also he pre-
sented embodying the views OF the mi
nority of the committee" lie then sent
TO the Clerks desk the series of resolu-
tions adopted by the subcommittee on
Saturday and published in Sundays
Dispatch, with a commencement clause
providing that tie resolutions shall take
effect from the date of their passage.
Mr.. Heaton said he could hardly catch
Che real meaning of these resolutions
iust from hearing them read from the
Clerks desk, and as the matter was one
of such gravity and importance he
thought action had better be postponed
until to-day, that the members might
have time to examine the paper closely.
Mr.. Wickham urged the importance OF
immediate action, as the resolutions
should be considered before the Christ
mas holidays if at all.
Mr.. Hubbard said he was willing TO the
postponement, but he wanted to be heard
on the report when it came up on its
adoption.
dr. Rhea hoped the motion of Mr..
Hesion would not prevail. The question
was simple one, and he thought there
could come no better time than the pres
ent for considering, discussing the sub
ject, and acting.
SPECIAL ORDER FOR TO-DAY.
Mr.. Heaton now put his suggestion to
postpone and make the special order for
today at 12I o'clock. The motion pre-
vailed by the recorded vote OF 20 TO IA.
While the vote was being taken Mr..
Koiner said that he was having prepared
a proposition which would probably
inert the views of those opposed to the
report that Ind been submitted. As his
paper was not quite ready, and, in ac-
cordance with parliamentary practice, no
other business could be interlected into
vote the vote proceeded with the above
result.
Mr.. KoINER's PROPOSITION.
Before Mr.. Koiner could have his
pencil memoranda reduced to manu-
script the Senate adjourned and he will
present it this morning. 1t reads:
Your committee, TO whom has been referred
so much Of the Governors tnessage as relates TO
finance, have had the same Under consideration.
ana respectfully submit tha' since the recent de-
cison OF the supreme Court Of the United States
funding Of the debt Is progressing as rapidly as
the clerical force engaged can handle It; and IN
view OF the fact that the Stape is unalerably set
tied in its purpose not 20 change the basis OF set
tlement prescribed by what is commonly known
as the Riddleberger bill, ano having already set
tied about S13O000U0 OF the debt i'll this class OF
bonds with a reasonable prospect of closing up
the whole subject on this basis, your committee
/ fails 10 see sufficient reason for encouraging
reOpenlng OF mi. NeAeQ QutbuOu 10 nbBOuhtlOu.
with its consequent delays and uncertainties,
upon the mere suggestions Of the attorney al
law OF the Foreign Bondholders' Association that
he will advise has clients 70 settle on some basis
satisfactory TO the State, but who expressly
states that he Is not authorized TO make any pro-
position at present suspension or proceed
ings recommended and a formal reopening OF
negotiations would impair confidence IN the pur-
pose OF the State to adhere 10 the settlement
which she has laid down and IL proceeding TN
der We recommend the adoption OF the follow
Ing resolution:
ment of the debt Of this State shall be speedily
effected, the General Assembly deems IL 20 be
due to frankness aud fair dealing with the hold
ers Of the securities OF Virginia TO solemnly de-
clare Il to be the unalterable purpose OF the
Goyernment and Of the people Of this Common
wealth 10 stand by the basis OF adjustment pro-
yided for by the act known as the Riddleberger
bill: that Virginia will carry out that settlement
In good faith. and that any hope or expectation
that any adjustment OF the debt OF the State
more favorable to the public creditor than that
authorized by the Riddieberger act will ever DO
made is utterly illusive and hopeless.
II THE HOUSE or DELEGATES.
The resolutions we're simply presented
to the House and read. Then they
were placed on the calendar, where they
may be reached to-day, if there is no
one found to object but all the proba-
bilities are that there will be no action
until after the holidays certainly it is in
the power of the opponents of the
measure to carry the question over until
January. 1t may possibly be that an
arrangement can be had to come to
vote in the two houses, but it seems un-
likely that any decisive action can be
counted on now, IN view of the fact that
the General Assembly has almost deter
mined to adjourn from tomorrow to
January 4th, and in the mean time has
to elect United States senator and the
officers nominated by the Democratic
caucus last night. A vote is more likely
to be reached in the Senate than in the
House.
Meeting OF william O'Brien Branch
of the National League.
A meeting of the William O'Brien
Branch of the Irish National League
vaa heid vesterclay afternoon in Cathe-